Clubs refuse to bail out debt-ridden Portsmouth

Portsmouth owner Balram Chainrai has been told at a meeting with Premier League officials that they cannot bail out the financially-stricken club.

Chainrai and his representatives met Premier League chief executive Richard Scudamore and general secretary Mike Foster yesterday and revealed to them the club is likely to go into administration tomorrow.

Scudamore explained the situation in terms of the cash Portsmouth will receive this season and, as now seems certain, if they are relegated.

A further payment of £5m from television money will become available before the end of the season and, following relegation, parachute payments of £16m per year for two years.

Chainrai's spokesman, Phil Hall, said: "We had a very cordial meeting to explore all possibilities and any help the Premier League might give Portsmouth FC going forward."

The Premier League officials also told Chainrai they could not advance the club any money ahead of the due payment date.

Chainrai has served notice the club will go into administration, unless a buyer comes forward tomorrow, in order to avoid Monday's winding-up hearing at the High Court.

Meanwhile, Pompey chief executive Peter Storrie has confirmed he has already been in talks with an administrator – and that he is prepared to take a substantial pay cut. Storrie is one of the highest-paid chief executives in the Premier League, with an annual salary believed to be at least £1.2m.

Storrie said: "I have already spoken to the administrator and he wants to keep things settled, which means me staying on. I will work with him and I believe he wants me to help him sell the club to the right person.

"There will be cuts at all levels. That's something for the administrator to do to make sure the club keeps going. I will be taking a big cut as well.

"I've seen salary figures of £1.4m bandied around for me but my basic salary is less than half of what has been reported. The rest of it has been a bonus given by [former owner] Sacha Gaydamak every year. That's in recognition of me keeping the club going for him by selling players. But I am prepared to cut my basic [pay] quite substantially."

One possible big loser from the club going into administration is Gaydamak, who says he is still owed £30m.

Some fans have blamed Storrie and former manager Harry Redknapp for overspending on players and wages, but the Tottenham manager said: "It never entered my mind when I was there, that there would be problems. The club was run well."

Life and Style
love + sex
Voices
A propaganda video shows Isis forces near Tikrit
voicesAdam Walker: The Koran has violent passages, but it also has others that explicitly tells us how to interpret them
News
people
Sport
football
Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

War with Isis: Iraq's government fights to win back Tikrit from militants - but then what?

Baghdad fights to win back Tikrit from Isis – but then what?

Patrick Cockburn reports from Kirkuk on a conflict which sectarianism has made intractable
Syrian conflict is the world's first 'climate change war', say scientists, but it won't be the last one

Climate change key in Syrian conflict

And it will trigger more war in future
How I outwitted the Gestapo

How I outwitted the Gestapo

My life as a Jew in wartime Berlin
The nation's favourite animal revealed

The nation's favourite animal revealed

Women like cuddly creatures whilst men like creepy-crawlies
Is this the way to get young people to vote?

Getting young people to vote

From #VOTESELFISH to Bite the Ballot
Poldark star Heida Reed: 'I don't think a single bodice gets ripped'

Poldark star Heida Reed

'I don't think a single bodice gets ripped'
The difference between America and Israel? There isn’t one

The difference between America and Israel? There isn’t one

Netanyahu knows he can get away with anything in America, says Robert Fisk
Families clubbing together to build their own affordable accommodation

Do It Yourself approach to securing a new house

Community land trusts marking a new trend for taking the initiative away from developers
Head of WWF UK: We didn’t send Cameron to the Arctic to see green ideas freeze

David Nussbaum: We didn’t send Cameron to the Arctic to see green ideas freeze

The head of WWF UK remains sanguine despite the Government’s failure to live up to its pledges on the environment
Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Set in a mythologised 5th-century Britain, ‘The Buried Giant’ is a strange beast
With money, corruption and drugs, this monk fears Buddhism in Thailand is a ‘poisoned fruit’

Money, corruption and drugs

The monk who fears Buddhism in Thailand is a ‘poisoned fruit’
America's first slavery museum established at Django Unchained plantation - 150 years after slavery outlawed

150 years after it was outlawed...

... America's first slavery museum is established in Louisiana
Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

The first 'American Idol' winner on how she manages to remain her own woman – Jane Austen fascination and all
Tony Oursler on exploring our uneasy relationship with technology with his new show

You won't believe your eyes

Tony Oursler's new show explores our uneasy relationship with technology. He's one of a growing number of artists with that preoccupation
Ian Herbert: Peter Moores must go. He should never have been brought back to fail again

Moores must go. He should never have been brought back to fail again

The England coach leaves players to find solutions - which makes you wonder where he adds value, says Ian Herbert